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    The Future of News Looks Niche

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    The media entrepreneur Jessica Lessin chats with DealBook about the news landscape and her latest media bet.In 2013, Jessica Lessin, a reporter at The Wall Street Journal, left the paper to start a competing publication, The Information.A few years later, her fledgling newsroom had grown to nearly two dozen reporters and editors and booked more than $20 million in sales, as she revealed in a profile I wrote for The Times’s Sunday Business. She says she has since doubled her editorial staff and continued to stay profitable, with revenue growing 30 percent in 2024 over the previous year.But it’s her investments outside of The Information that are gaining attention these days.Her company Lessin Media has put money into Semafor, The Ankler, the former Business Insider editor Nicholas Carlson’s Dynamo, Kevin Delaney’s Charter Works and other titles at a time when the news business appears bleaker than before. Lessin, however, is optimistic.I caught up with the entrepreneur about her latest media bet, the tennis publication Racquet magazine, and what she thinks about the changing news landscape. This interview has been edited and condensed.This investment seems different from your others. How did you come to it?I actually got introduced to Racquet by a number of fans of the magazine. And it was like the weirdest experience, because I was reading the magazine, and then I wanted to buy, like, all the clothes in the magazine. I went to the website, and I wanted to buy all the merch. And they’re hosting an event at the U.S. Open. And I was like I want to go to that. And I want to read this great profile about the mental coach behind the world No. 1 tennis player.This sounds like it was something that just struck you personally. I assumed you’d be more focused on sales and market size and margin.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Paramount’s Shari Redstone Wants a Resolution on President Trump Lawsuit Ahead of Skydance Merger

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      Redstone, who controls Paramount, has been trying to close a merger with the Hollywood studio Skydance. President Trump’s lawsuit against CBS News is complicating matters.Shari Redstone, the controlling shareholder of the entertainment giant Paramount, delivered a crucial message to her board a few weeks ago.For months, Paramount’s lawyers had been jousting with representatives for President Trump, who had sued the company’s CBS News network over its segment on former Vice President Kamala Harris. Mr. Trump accused the network of deceptively editing the interview; CBS said Trump’s lawsuit was without merit.But when the board gathered this month, Ms. Redstone was clear: She was in favor of resolving the issue, two people familiar with the matter told DealBook’s Lauren Hirsch and The New York Times’s Ben Mullin.As Paramount executives weighed the best course of action, Ms. Redstone said she was in favor of moving forward in a way that would lead to some form of conclusion, including mediation.It was the first time that Ms. Redstone made her wishes known to the full board. Many at CBS News and “60 Minutes,” where Ms. Harris’s interview aired, strongly opposed a settlement.Further complicating the matter: The Federal Communications Commission is reviewing Paramount’s pending deal with Skydance. Some executives said that a settlement would smooth the way to closing the merger, even as others worried that a settlement could be interpreted as bribery for the F.C.C. to clear the Skydance deal. Mr. Trump, for his part, told reporters on Wednesday that the two were not linked.National Amusements, Paramount’s parent company, declined to comment, and Paramount has said that its legal battle with Mr. Trump is unrelated to its deal with Skydance.Ms. Redstone’s carefully written statement did not mention Paramount’s deal with Skydance — but it did underscore the fact that a pending multibillion-dollar lawsuit from the president made it difficult for Paramount to do business. She also said that she was removing herself from day-to-day discussions about the lawsuit.This week, The Times reported that Paramount had agreed to bring in a mediator.Any settlement could be perceived as the latest corporate concession to the White House, including Disney’s $15 million settlement in December and Meta’s $25 million settlement last month. The possibility of a settlement, which is likely to further embolden Mr. Trump’s crusade against the media, has been met with a strong backlash within the CBS ranks and outside the company.Though Ms. Redstone didn’t mention the Skydance deal in her remarks, people familiar with her thinking believe she’s focused on closing the deal.Paramount is also navigating the consequences of doing business under a retributive president. Beyond the Skydance deal, Mr. Trump has made clear his willingness to exact revenge when it comes to companies.“Corporations — particularly these days are often in the cross hairs of policymakers — and they have to navigate that,” Jill Fisch, a professor at the University of Pennsylvania Law School, told DealBook. “And that’s not easy.” More

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      Trump and Paramount Seek Mediator for CBS News Lawsuit

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      The move is another indicator that the two sides are exploring ways to resolve the case, over the editing of a “60 Minutes” interview, out of court.Lawyers for Paramount and President Trump have agreed to appoint a mediator in his $20 billion lawsuit against CBS, according to two people with knowledge of the decision.The move to bring in a mediator is another indicator that the two sides are trying to resolve the case, over the editing of a “60 Minutes” interview with Vice President Kamala Harris, out of court. A mediator could help them reach a settlement, but whether they will do so remains far from certain.Paramount declined to comment. Ed Paltzik, a lawyer for Mr. Trump, said in a statement: “President Trump will pursue this vital matter to its just and rightful conclusion.”Mr. Trump sued CBS days before the 2024 election, accusing the company of deceptively editing the interview with his Democratic opponent. He later amended the suit to include Paramount as a separate defendant.Paramount, CBS’s parent company, began settlement talks with Mr. Trump this year. Those talks have created discord at Paramount, with employees at CBS News strongly opposed to any settlement. Bill Owens, the executive producer of “60 Minutes,” told the show’s staff this month that he would not apologize as part of any prospective settlement after The New York Times reported that the settlement talks with Mr. Trump were underway.The lawsuit has complicated Paramount’s merger with Skydance, a deal that would unite an up-and-coming media start-up backed by the tech mogul Larry Ellison with the gilded Hollywood studio behind “The Godfather” and “Rosemary’s Baby.” The multibillion-dollar deal, struck last year, would end the Redstone family’s decades-long run atop Paramount and anoint Mr. Ellison and his son, David, in their stead.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      One Month into the Trump Presidency

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      The president has moved swiftly to remake Washington. But for business leaders, that volatility has often been hard to navigate. In his first month back in office, President Trump has rapidly begun to remake Washington. But with that has come big questions about what’s next.Al Drago for The New York TimesThe good, bad and puzzlingCorporate leaders and investors expected a bit of volatility to accompany President Trump’s second term. In many ways, that’s exactly what has happened one month in, with the radical cutting of the federal government, threats of trade wars and more.But amid a flurry of unexpected announcements — talks over a possible Ukraine peace plan that exclude Kyiv, the retention of tough Biden-era deal guidelines and a potential Elon Musk-enabled stimulus plan, for starters — and a lack of clarity over where Trump stands on a host of issues, many executives are asking themselves: How do we navigate this?Trump has made good on some of his campaign promises. He has vowed to impose tariffs to bolster American manufacturing. He has waged war on diversity, equity and inclusion programs, and more and more companies have fallen into line.And most notably, he has unleashed subordinates and Musk to raze huge portions of the Washington bureaucracy, with some courts refusing to stand in the way. The latest on that: The I.R.S. fired 6,700 workers on the eve of tax-filing season; Trump claimed the power to dismiss administrative law judges at will; and he reportedly plans to take control of the U.S. Postal Service, according to The Washington Post.But there’s a lot that business leaders and others are trying to figure out:Where does Trump actually stand on tariffs? He has spoken of a potential wide-ranging trade deal with China, even as he threatens Europe with huge levies.Trump’s position on Ukraine is increasingly unclear, as he publicly embraces Russia and castigates Kyiv and Europe. Treasury Secretary Scott Bessent is said to have pressured President Volodymyr Zelensky of Ukraine to hand over billions’ worth of Ukrainian mineral resources, according to The Wall Street Journal, while Secretary of State Marco Rubio privately told European leaders that Washington wasn’t looking to disrupt the diplomatic status quo.The administration’s antitrust cops have kept in place Biden era merger rules, dampening hopes for a deal resurgence. And despite efforts by tech companies like Meta to forge closer ties to Trump, the Federal Trade Commission’s new chief is weighing a scrutiny of Big Tech over censorship concerns.Trump’s efforts to gain more control over independent agencies may reach further into the Fed, with Musk vaguely promising an audit of the central bank.The president’s floating of potentially inflationary taxpayer payouts, funded by Musk’s government cost-cutting (whose true extent appears to change frequently), is drawing lukewarm support from congressional Republicans.Trump’s legislative agenda is in limbo, with the president splitting Republican lawmakers over matters like the budget.For now, corporate America appears to be along for the ride. A new survey by the Conference Board found that C.E.O. confidence recently reached a three-year peak, reflecting “confident optimism.”Whether that will persist — Americans appear increasingly worried about rising inflation and the Musk cost-cutting — remains to be seen. Stay tuned.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      HP to Buy Humane, Maker of the Ai Pin, for $116 Million

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      Humane, which marketed its Ai Pin as the next big thing after smartphones, had raised $240 million from investors, including OpenAI’s Sam Altman. The pin will be discontinued.Humane, the ambitious start-up behind the Ai Pin device that aimed to one day replace smartphones, agreed to sell parts of its business to HP for $116 million, the companies said on Tuesday.HP said it planned to acquire Humane’s “A.I. capabilities,” including its software platform, intellectual property, patents and some employees. The Ai Pin will be shut down, Humane said in a message to customers.The deal caps a downfall for the high-flying start-up, which heavily promoted the $699 pin with ads, a TED Talk and at Paris Fashion Week with supermodels. Humane raised $240 million in funding from high-profile investors, including Marc Benioff, the chief executive of Salesforce, and his counterpart at OpenAI, Sam Altman, valuing the company at $850 million before it released a product.Humane was created by Imran Chaudhri and Bethany Bongiorno, husband-and-wife founders who previously worked at Apple. The pair envisioned a wearable device that people would clip to their clothes and interact with using voice commands and a laser display projected onto their hand. The idea was to cut down on time spent staring at smartphone screens.Bethany Bongiorno and Imran Chaudhri at Humane’s office in San Francisco in 2023.Kelsey McClellan for The New York TimesBut the Ai Pin, which began shipping to customers last spring, was a flop.Reviewers criticized the product, with the A.I. software often giving wrong answers or taking a long time to respond, while the pin’s batteries sometimes overheated. Humane had hoped to sell 100,000 pins in its first year but got only around 10,000 orders. At one point, the company told customers to stop using their charging cases because of the fire risk.Last year, Humane hired an investment bank to sell itself, while also seeking new funding. The start-up sought a sale price of more than $1 billion.On Tuesday, a letter posted to Humane’s website said that the pins would no longer work at the end of this month and that customer data would be deleted. “Our business priorities have shifted,” the letter said.HP, which sells an estimated 53 million PCs a year, has said it wants to add A.I. capabilities to its laptops to make them more useful. Last year, HP worked with Microsoft to develop a line of A.I. computers called Copilot+ PCs.In its announcement, HP said it would use Humane’s technology to become a more “experience-led company.” Humane’s workers will be part of a new innovation lab called HP IQ, which will focus on “building an intelligent ecosystem across HP’s products and services.” Mr. Chaudhri and Ms. Bongiorno will join the company, as will the majority of the start-up’s employees, an HP spokeswoman said.“We are investing and innovating aggressively in new A.I.-powered capabilities and software,” said Enrique Lores, president and chief executive of HP, during a call with analysts in November. “We will focus on delivering a cutting-edge A.I.-powered tech.” More

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      PGA Tour and LIV Golf Look for Merger Deal Under Trump

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      A tie-up involving the tour and LIV Golf was stalled under President Biden. They’re aiming to forge a new agreement under President Trump.The PGA Tour and Saudi Arabia’s sovereign wealth fund are racing to reshape their plans to combine their rival golf circuits, emboldened by President Donald J. Trump’s eagerness to play peacemaker for a fractured sport, according to four people familiar with the matter.Since the start of secret talks in April 2023, PGA Tour executives and their Saudi counterparts have been weighing how they could somehow blend the premier American golf circuit with the Saudis’ LIV Golf operation. But negotiators have struggled to design a deal that would satisfy regulators along with players, investors and executives.Mr. Trump’s return to Washington has offered a new opening: After an Oval Office meeting this month that ethics experts have said tested the bounds of propriety, the two sides are considering options that might have stalled during Joseph R. Biden Jr.’s presidency but that the Trump administration’s antitrust enforcers could offer a friendlier glance.The details of any prospective agreement, including LIV’s fate, remain in flux. In general, regulators would see any transaction that led to the dissolution of one of the leagues as anticompetitive; under Mr. Trump, though, antitrust regulators could take a more relaxed view.The two sides are looking beyond a simple cash transaction, though it is unclear how exactly the deal would be structured. The PGA Tour commissioner, Jay Monahan, has said they are looking at a “reunification,” but there are many complicating factors, including how to value both ventures.There is also the matter of how to handle any deal alongside a separate $1.5 billion investment in the PGA Tour by a band of American sports magnates.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      JD Vance Is in Charge of Getting a TikTok Deal. Can He Find a Buyer?

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      The vice president is in a tricky position as he looks for a deal to save the popular short-form video app, which is subject to being banned in the U.S. if it is not sold to a non-Chinese owner.Last week, an aide for Vice President JD Vance reached out to the billionaire Frank McCourt.The topic at hand was Mr. McCourt’s $20 billion long-shot offer to buy TikTok, the Chinese-owned video app. Mr. Vance’s aide wanted details about the bid, which was one of several public overtures for the app, according to two people familiar with the process.The inquiry was one of Mr. Vance’s earliest moves toward corralling a deal for the popular app after President Trump tapped him earlier this month to find an arrangement to save it. TikTok was recently banned in the United States under a new federal law that prohibited distribution in the country if it was not sold to a non-Chinese owner, though Mr. Trump delayed enforcement of the law until early April.Mr. Trump’s assignment plunges Mr. Vance into a fraught geopolitical and corporate negotiation over the fate of the app, which counts some 170 million American users. It is not clear who could buy TikTok in the United States, or even whether China or ByteDance, TikTok’s owner, would allow a sale. And the Trump administration is under scrutiny for its decision to disregard the law’s Jan. 19 deadline for a sale or a ban. Mr. Vance’s involvement ensures that he and Mr. Trump — both of whom once supported banning TikTok because of national security concerns — have some public accountability for saving it, according to analysts and people involved in negotiations for a sale. Tapping Mr. Vance could also help lend negotiations more credibility, said Peter Harrell, a former Biden White House official who worked on national security, tech and economic issues.“What he brings to the role is everybody’s going to take his call and take him seriously,” Mr. Harrell said. “Most people, given Trump has been pretty clear he’s tapped Vance for this, will assume that Vance is speaking for the president.”An electronic billboard for TikTok in Times Square. Mr. Vance’s involvement adds some credibility to the White House’s efforts to find new owner for TikTok.Juan Arredondo for The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      BuzzFeed Strikes Deal to Sell ‘Hot Ones’ Company for $82.5 Million

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      The sale, to a group that includes the show’s host, Sean Evans, and Soros Fund Management, will allow BuzzFeed to pay down tens of millions of dollars in debt.BuzzFeed on Thursday said it had reached a deal to sell the company behind the popular interview show “Hot Ones” for $82.5 million, easing a cash crunch that has loomed over the media company for months.The buyer is a consortium of investors led by an affiliate of Soros Fund Management that also includes Sean Evans, the affable host of “Hot Ones,” and Chris Schonberger, the founder of First We Feast, the show’s parent company. Mythical Entertainment, the media company created by the YouTube stars Rhett and Link, is also an investor.The deal will allow BuzzFeed to pay down tens of millions of dollars in debt that was scheduled to come due this month. The company is reducing its debt load of nearly $124 million by $88.8 million, using proceeds from the sale and funding from its operations, leaving the company with more cash than debt on its books.The deal is also a new chapter for the company behind “Hot Ones,” a show in which Mr. Evans stoically interviews celebrities while they eat progressively hotter chicken wings. Scarlett Johansson, Megan Thee Stallion, Sydney Sweeney, Keegan-Michael Key and Jordan Peele have all appeared as guests. Campaign officials for Vice President Kamala Harris wanted her to go on the show, but First We Feast demurred, saying that “Hot Ones” didn’t want to delve into politics, an adviser to Ms. Harris, Stephanie Cutter, said during an interview last month.The sale unwinds the vestiges of a deal, struck three years ago, to acquire Complex, a rival company that owned First We Feast and is known for its coverage of pop culture. The deal helped BuzzFeed go public, but the company’s stock has since fallen, as investors grew increasingly bearish on digital media.BuzzFeed has since pared back its investment in expensive original content, telling investors that it is focusing on using technology such as artificial intelligence to create and deliver content to users. The company shuttered its news division in 2023, and this year, it sold Complex for $108.6 million, though it held onto First We Feast.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Remembering David Bonderman, a Private Equity Pioneer

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      A former lawyer, he cofounded the giant investment firm TPG and became known for complex deals that remade corporate America. He died on Wednesday at 82.David Bonderman, a founder of TPG, in 2018. “He built and led an impressive firm,” David Solomon of Goldman Sachs said of Bonderman.Stephen B. Morton/Associated PressRemembering BondoDavid Bonderman, a corporate lawyer who co-founded the giant investment firm TPG and helped transform private equity into a multitrillion-dollar industry that reshaped Wall Street, died on Wednesday morning. He was 82.Bonderman — Bondo to his friends — became a private equity pioneer, leading big and complex takeovers that saw corporate titans go public, and whose success helped persuade publicly traded companies to adopt his industry’s tactics, DealBook’s Michael de la Merced writes.Bonderman’s entry into private equity was by happenstance. After graduating from Harvard Law School, he taught law and then worked as a civil rights lawyer for the Justice Department. He went on to join the Washington law firm Arnold & Porter. Among his achievements there was persuading the Supreme Court to overturn an insider-trading conviction of Raymond Dirks, a securities analyst turned whistle-blower.In the mid-1980s, Bonderman was approached by Robert Bass, the Texas oil magnate, about helping run his family office. Bonderman said that he had never invested professionally before, but Bass told him that he hadn’t either.Bonderman and a colleague in the family office, Jim Coulter, founded what became TPG in 1993. By then, the two had made their names by buying Continental out of bankruptcy and turning around the embattled airline. (Emblematic of their approach: They FedExed undesirable food from the plane to Continental’s C.E.O., telling him it needed improving.)They joined a small group of financiers who turned leveraged buyouts from a cottage industry into a Wall Street behemoth, borrowing money to buy, restructure and flip big businesses.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More